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Form DPT-3: Complete Guide to Filing Return of Deposits

Form DPT-3 - Return of Deposits

Form DPT-3: Complete Guide to Filing Return of Deposits

Form DPT-3, called the “Return of Deposits,” is a mandatory filing obligation for companies to provide essential details regarding their deposits, outstanding loans, and non-deposit transactions. This filing requirement applies to all companies, excluding government companies. The purpose of Form DPT-3 is to report any deposit-related activities or transactions that do not meet the criteria for being classified as deposits. Companies promote transparency, comply with regulatory standards, and uphold financial accountability by fulfilling this requirement. This article will delve into the details of Form DPT-3 and its importance.

How did the Form DPT-3 Come into Existence?

To safeguard the interests of creditors and depositors, the Central Government, in consultation with the Reserve Bank of India, introduced an amendment to the Companies (Acceptance of Deposits) Rules 2014 through the Companies (Acceptance of Deposits) Amendment Rules 2019. 

In line with this, the Ministry of Corporate Affairs (MCA) was notified on January 22, 2019, stating that every company, except government companies, must file a one-time return in Form DPT-3. Additionally, this return needs to be filed annually. This requirement was incorporated by adding sub-rule (3) after sub-rule (2) in Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014.

Form DPT-3 Applicability: Understanding the Filing of Deposit Returns

The filing of Form DPT-3 applies to a wide range of monetary transactions and debts. Here are the types of money or debts to which Form DPT-3 is applicable:

  • Secured Debts: These are loans or obligations backed by collateral or security the borrowing company provides.
  • Unsecured Debts: These are loans or debts without collateral or security attached.
  • External Borrowings: Form DPT-3 also encompasses debts or borrowings from external sources, such as financial institutions or banks.
  • Commercial Borrowings: Loans or debts obtained by companies for commercial purposes fall under the purview of Form DPT-3.

It is important to note that even if a company has received a loan from specific entities, it must file Form DPT-3. These entities include:

  • Holding Company: If a company has obtained a loan from its holding company, which has a controlling stake, Form DPT-3 filing is mandatory.
  • Subsidiary Company: In the case of a loan from a subsidiary company controlled by the borrowing company, filing Form DPT-3 is necessary.
  • Associate Company: When a company has received a loan from an associate company with a significant influence on the borrowing entity, filing Form DPT-3 is obligatory.

Eligible Companies for Form DPT-3 Return Filing

Form DPT-3, the filing of the return of deposits, applies to several types of companies in India. The following categories of companies are eligible to file Form DPT-3:

It is important to note that government companies are exempted from filing Form DPT-3.

Exemptions from Filing Form DPT-3

Under the Acceptance of Deposits Rules of 2014, certain companies are exempted from filing the DPT-3 form as per the Companies Act. The exemptions primarily relate to the filing of loan returns. The following types of companies are exempt from filing Form DPT-3:

  • Government Companies
  • Banking Institutions
  • Non-Banking Financial Companies (NBFCs)
  • Companies registered as housing finance companies under the supervision of the National Housing Bank.
  • Companies notified explicitly under subsection (1), section 73 of the Companies Act.

Due Date for filing DPT-3

June 30 is the annual due Date for submitting the return. For instance, in the case of FY 2022-23, the deadline for DPT-03 filing is June 30, 2023.

MCA Extends Deadline for Form DPT-3 Filing for Financial Year 2022-23

The Ministry of Corporate Affairs (MCA) has announced that it will provide relief to companies filing Form DPT-3 for the financial year ending on March 31, 2023. To facilitate a smooth transition from version 2 to version 3 of the MCA-21 portal, the MCA has decided to relax the additional fees for filing Form DPT-3 until July 31, 2023. Form DPT-3 is a filing requirement for companies with outstanding loans classified as non-deposits. The annual return, which includes details of these loans, is typically due on June 30 each year.

Form DPT-3 Extension 2023

Consequences of Default in Filing Returns

Failure to Comply with the filing requirements of Form DPT-3 can lead to severe consequences for companies. Here are the potential penalties and repercussions of defaulting on the filing:

Penalty on the Company

The MCA imposes penalties on companies that fail to comply with Form DPT-3 filing. The penalty can be either one crore rupees or twice the amount of the deposit, whichever is lower. The maximum penalty can reach up to Ten crore rupees.

Penalty on the Officers

The officers responsible for the default can also face penalties for non-compliance. This can include imprisonment for a period of up to seven years. Additionally, officers may be fined 25 lakhs to two crore rupees.

Penalty for Default in Paying Fine

Additional penalties may be levied if the company or the responsible officers fail to pay the imposed penalty. Five thousand rupees can be charged for defaulting on the payment. Furthermore, if the fine remains unpaid, a daily fine of 500 rupees can be imposed from the day of default until the payment is made.

Documents Required for Filing Form DPT-3:

To complete the filing of Form DPT-3, the following documents are typically required:

  • Auditor’s Certificate
  • Deposit Insurance Contract
  • Copy of the Trust Deed
  • Copy of the Instrument Creating Charge
  • List of Depositors
  • Details of Liquid Assets
  • Outstanding Receipts of Money or Loans

Fees for Filing Form DPT-3

The fees for filing Form DPT-3 are determined as per the Companies (Registration Offices and Fees) Rules

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The Form DPT-3 is attached here for reference: